The lecture will be an introduction to the model of economic equilibrium. The basic concepts: preferences, initial endowments and market clearing prices will discussed - in general and by means of examples. I will indicate how fixed point theorems are used to demonstrate the existence of equilibrium prices and sketch an algorithm for Brouwers theorem. If time permits, there will be some remarks on equilibrium models with production. © 2008 Springer Berlin Heidelberg.
CITATION STYLE
Scarf, H. E. (2008). The elements of general equilibrium theory. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) (Vol. 5385 LNCS, p. 18). https://doi.org/10.1007/978-3-540-92185-1_10
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